We will send the transfer documents to the Buyer’s Real Estate Lawyer.
On the Possession Date, the Buyer’s Real Estate Lawyer will send us a cheque for the Cash to Close (the purchase price). Usually, we receive the money around noon.
Once we receive the Cash to Close, we will contact your Realtor (or you if you do not have a Realtor) to authorize the release of keys to the Buyer.
Using the Cash to Close funds, we will pay off any outstanding mortgages or other encumbrances on the property, unpaid taxes, condo arrears, real estate commissions, and any other authorized payouts.
Finally, we will prepare the payment for you with the remaining balance of the sale proceeds. The funds are usually paid within 1—3 business days of the Closing Date.
